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Here is how a trader lost Rs 11 Crore to India's biggest online fraud

IamCheated.com Research Team | January 29, 2020  5:08:pm

Here is how a trader lost Rs 11 Crore to India's biggest online fraud

Online frauds are going up like a rocket. Every day one or the other person loses money to online fraudsters. With the number of people using the internet on the rise, online frauds have reached new heights. Each day fraudsters come up with innovative tricks to cheat people online.

While the advent of technology has helped in many ways, it has also become the main tool for online fraud. Recently, a Gujarat trader lost Rs 11,06,71,824 to India's biggest online fraud.

See Also: Tips to protect your investment from online fraud

Here is what exactly happened

A 62-year-old textile businessman who owns various textile companies had lodged a police complaint stating he was duped of Rs 11,06,71,824 by online fraudsters. As per the complaint lodged, in March 2016, he had availed two insurance policies worth Rs 50,000 from a private bank.  These insurance policies were bought for his granddaughters.

After he bought the insurance policies, in the same month, he received a call from a person who introduced himself as an employee of the bank from which he had bought the insurance policies. The caller informed the victim that he got his details as he had bought insurance policies from the bank. He was informed that the bank was offering various other insurance policies which would give him double returns on the money invested. 

Believing this to be true, the victim paid Rs 1,98,000 in March 2016. Between 2016 to 2018 he transferred around Rs 50 Lakhs.

After the victim paid more than Rs 50 Lakhs, the person who had contacted him said that as his investment has crossed Rs 50 Lakh, his profile would be handled by someone from the Hyderabad office and introduced him to a person named Sadanand Mishra. Sadanand Mishra asked the victim to invest more to get the double returns on the investment.

When the victim wanted to redeem his investment in 2018 and informed Sadanand Mishra, Mishra said that Jagdish Kute at their Chennai office would handle his case.

Mishra then said Jagdish Kute was out of the station and he would help him redeem the investment. The victim was asked to pay some amount towards charges and taxes to redeem the investment. Believing this to be true, the victim paid this to various bank accounts.

After paying the amount, he again received a call from someone who introduced himself from the Delhi office. The caller asked the victim to pay Rs 1 Crore to redeem the investment. He paid the amount into various accounts and waited to get his investment.

He again received a call from someone who informed him that he was to get Rs 30 Crore, but the approval from the Reserve Bank of India and Finance Ministry was pending. In order to get this approval, he was asked to pay more money. Finally, the victim ended up paying Rs 11,06,71,824 into various bank accounts.

See Also: How People Lose Money to Online Frauds?

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